Mystery Surrounds Tappan Zee Bridge Funding, Potential Toll Hike
IRVINGTON, N.Y. (CBSNewYork) -- The builders of the new Tappan Zee Bridge said Thursday that they are on schedule, and untroubled by a $500 million federal loan that just fell through this week.
New York State Gov. Andrew Cuomo said the loan is just one of many funding sources. But as CBS 2's Lou Young reported, critics are worried about how much the project is going to cost drivers.
Even as they raced to replace the aging Tappan Zee Bridge, lawmakers in Albany would not say how much it will cost drivers at the toll booth. But critics claimed Cuomo's tactic of funneling low-cost federal loans to get construction rolling rather than borrowing on the open bond market is a way of keeping secrets.
"It puts off the day of reckoning when we finally find out what the financing on this bridge is going to be," said Pace Law School Professor Karl Coplan.
Everyone agrees tolls on the bridge are going to go up, but not on how much. The executive director of the New York State Thruway sent CBS 2 a statement on the subject, saying simply, "The intent is to pay for the new bridge using any potential increases above the current toll rates at the bridge."
That means all the money for the loans and interest will be deposited in the cash and E-ZPass lanes of the new bridge. Some have suggested those toll increases may come sooner rather than later.
"Let's face it. You're paying, what -- $10 to $12 on the Verazzano Bridge right now. So is it hard to believe that in a couple of years you could be paying $15 to get from Rockland to Westchester?" said White Plains attorney John Murtagh, adding that he said the toll hike could come before the bridge is complete.
Iona College Professor Matt Carey said he did not think a $16 toll was "out of the realm of possibility when you look at inflation and the sheer cost of this project."
Some said a toll hike of such a magnitude could make for an economic disaster.
"It is absolutely unacceptable," said Rockland County Executive Ed Day. "It is going to kill the economy here in Rockland County."
Meanwhile, the bridge funding remains a $4 billion question mark that may not have a full financial plan until sometime next year. New Yorkers have been asked to take the details of the project on faith.
"My confidence is with the governor at this point," even though the details are not known, said South Nyack Mayor Bonnie Christian.
Cuomo has vowed to reapply for the $500 million U.S. Environmental Protection Agency loan that was rejected by federal officials on Monday. Not getting that loan, CBS 2 is told, could add $35 million to the cost of the project.
Currently, the price for crossing over the Hudson River varies, from $14 cash on the George Washington Bridge to just $1.50 on the bridge at Bear Mountain. The current cash toll on the Tappan Zee Bridge is $5 per car.
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